NovaSource Becomes #1 Solar O&M Company With Acquisition of First Solar's North American O&M Business

TORONTO, March 31, 2021 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) has announced that NovaSource Power Services (“NovaSource” or the “Company”), a portfolio company of Clairvest Group Inc. and Clairvest Equity Partners VI (together, “Clairvest”), has today closed its previously announced acquisition of the North American operations and maintenance (“O&M”) business (also known as “First Solar Energy Services”, “FSES” or the “Business”) from First Solar, Inc. (“First Solar”, NASDAQ: FSLR). In connection with the transaction, Clairvest invested an incremental USD$67 million in equity in NovaSource (USD$18 million from CVG).

NovaSource is now the largest solar O&M provider globally through the combination of three industry leaders: the O&M business units acquired from both SunPower and First Solar along with the private company SunSystem Technology. Under the NovaSource banner, the Company has the capabilities to service utility, commercial, industrial, and residential scale solar operations with industry leading quality and service.

“This is a transformational acquisition for NovaSource that will position the company as the clear market leader. The FSES team is bringing invaluable industry knowledge as well as advanced technical capabilities to the Company. We are delighted to have FSES’ management join NovaSource as leaders and shareholders,” said Ken Rotman, CEO and Managing Director at Clairvest Group.

“The First Solar Energy Services management team is looking forward to joining NovaSource, bringing together multiple segment leaders as one company, with a unified purpose of maximizing the return on investment of our clients’ assets. We share their enthusiasm and common goal to be the operations and maintenance provider of choice for players in the solar industry,” said Troy Lauterbach, Senior VP of Energy Services at FSES.

“We believe that this acquisition will accelerate our investment in new technologies, systems, and business lines to help asset owners optimize the performance of their renewable energy powerplants. I have admired Troy and his team for many years and am excited to be working alongside them to build an exciting, customer-focused leader,” said Jack Bennett, CEO of NovaSource.

About Clairvest

Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.5 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 56 different platform companies and generated top quartile performance over an extended period.